SOLD: 230 Units — Greater Miami
Year built: 1991 Phase I / 1994 Phase II
Location: Port St. Lucie, Florida
Purchase price (2017): $26.75 million
1031 exchanges: 5
Equity invested: $10 million
CapEx budget: $3.1 million
Sale price (2021): $41.5 million
- Investor IRR: 24.0%
- Equity multiple: 2.0x
In the News
Investors Management Group Sells FL Multifamily for $41M - GlobeSt, 2021
Port Lucie ranked #3 Top U.S. Growth City - U-Haul, 2021
U.S. News & World Report names Port St. Lucie one of the best places to live near beach - TCPalm/USA Today, 2019
Waterleaf Townhomes & Apartments is located on Florida’s east coast approximately 50 miles north of West Palm Beach. Port St. Lucie is best known for its award-winning PGA Village golf resort and for hosting the New York Mets’ spring training camp. Port St. Lucie is also part of Florida’s Research Coast.
IMG acquired this 230-unit townhome community in 2017 for $26.75 million. The Company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park, and other common-area amenities. IMG’s renovations attracted renters who paid an average $200 premium for the upgrades.
IMG sold the property in March 2021 for $41.55 million. IMG and its investors exchanged the proceeds as part of a long-term multifamily investment strategy.